I believe you meant to say YRC, correct?You guys realize yellow is never gonna pay into the pension again right? Another thing dollar bill and our glorious teamster leaders have their multiple pensions all set up and ready to go? Once again the workin man gets SCREWED!!!
I have no control over what the company decides to do? What is amazing is I didn't see anyone from former Roushe Family attending the union meeting, once again. Hmm, imagine that?Spaghetti, It will always be yellow to me. Who else would buy roadway for over 1 billion, Then USF for over 1 billion the next year (all on credit). Then have the balls to want us to bail them out for their childish financial mistakes? Not to mention their long history of buying good companies out, Striping them for all they are worth then closing them down! Who gives a sh#t about the workers...... So yes it will always be chicken sh#t yellow fu#kin freight to me!!!
Tex, My records show that contribution rate to Central States before Aug 1, 2009 was $56.00 a day/$280.00 a week. That was $14,560.00 a year x 1% = $145.60 a year accrual to our pension. At 25% of that or $14.00 a day/$70.00 a week it will be $3640.00 a year x 1% = $36.40 a year accrual to our pension. At that rate after 30 years it would only be $1092.00 a month pension benefit! $1092.00 a month is not too bad a monthly pension benefit if this was 1980 instead of 2010! Need a lot of explanation from the fund before I cast my ballot!;)Well at least they agreed to go back into the pension at 25% of the July 1, 2009 rate - which will get us nothing. Some people might believe that it will get 1 year of credit for 4 years of service, but I don't think so. Will have to wait and see what Central States says, but my guess is that it will mean 0% future accruals through the end of this agreement in 2015!!
The company is facing major challenges, including sustaining liquidity, dilution of preferred stock, loss of customers and a weak LTL market. The company is making unrelenting efforts to deter total financial collapse. Despite prudent moves to manage liquidity, we believe YRC Worldwide must continue to consume cash for operations.